Billionaire investors were actively trading The Allstate Corporation (ALL
) in the third quarter. Three new buys were made by Caxton Associates
for 50,000 shares, George Soros
for 41,500 and Ray Dalio
for 11,346 shares, all buying at around $50.29 per share, for an average gain of 7.9%. Ten gurus reduced their positions and six added in the same quarter. The insiders at Allstate have been actively selling since July, running parallel with a 57.1% drop in the company’s net income reported for the third quarter of 2013.
Allstate reported financial results for the third quarter of 2013 with consolidated revenues of $8.4 billion, up 4.1% over third quarter of last year at $8.1 billion. In the third quarter, Allstate’s net income was $310 million, down from $723 million in the same quarter of 2012. Earnings of $0.66 per diluted common share were reported for the third quarter of 2013, compared to$1.48 in the same quarter of last year. Operating income was $713 million for the reporting quarter, down from $717 million in the third quarter a year ago. Third quarter earnings of $1.53 per diluted common share were up from last year’s same quarter earnings of $1.46 per diluted common share. In the reporting quarter, Allstate’s total property-liability net written premium increased 5.3% over the third quarter of 2012. Continue Reading »